Correct, and that's why we're in the situation we're in today. Insurance turned from, well, insurance into a bizarre discount club.

The real solution to the high price of medial procedures and prescription drugs is to do away with insurance (as we know it today) and normalize paying out-of-pocket for procedures and drugs like we did so many years ago, and still do for car-related expenses. I have no doubt that if the auto insurance industry worked the way health care insurance worked a routine oil change would cost $3000 and the out-of-pocket expense would be anywhere from $30 to $200 depending on how good your coverage is.

But fortunately for us, that industry can't obfuscate prices and consumers are informed and can shop around. And the prices stay sane. Funny, that.